Racing Line Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03664690 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2015

for

Racing Line Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr S J Roach

Ms J M Carter

REGISTERED OFFICE:

4 Quatro Park

Tanners Drive

Blakelands

Milton Keynes

Buckinghamshire

MK14 5FJ

REGISTERED NUMBER:

03664690 (England and Wales)

FIXED ASSETS

Tangible assets

2

884,633

823,459

Investments

3

10,000

894,633

833,459

CURRENT ASSETS

Stocks

95,607

433,442

Debtors

727,245

480,042

Cash at bank and in hand

49,119

107,429

871,971

1,020,913

CREDITORS

Amounts falling due within one year

4

503,968

887,503

NET CURRENT ASSETS

368,003

133,410

TOTAL ASSETS LESS CURRENT LIABILITIES

1,262,636

966,869

CREDITORS

Amounts falling due after more than one
year

4

(668,456

)

(491,617

)

PROVISIONS FOR LIABILITIES

(14,093

)

-

NET ASSETS

580,087

475,252

CAPITAL AND RESERVES

Called up share capital

5

501

Profit and loss account

579,586

474,751

SHAREHOLDERS' FUNDS

580,087

475,252

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 September 2016 and were signed on its
behalf by:

Mr S J Roach - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

33% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

1,519,887

Additions

130,905

Disposals

(67,068

)

At 31 December 2015

1,583,724

DEPRECIATION

At 1 January 2015

696,428

Charge for year

68,307

Eliminated on disposal

(65,644

)

At 31 December 2015

699,091

NET BOOK VALUE

At 31 December 2015

884,633

At 31 December 2014

823,459

3.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2015

and 31 December 2015

10,000

NET BOOK VALUE

At 31 December 2015

10,000

At 31 December 2014

10,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Racing Events Limited

Nature of business: Promoting and organising motor racing events.

%

Class of shares:

holding

Ordinary

100.00

31.12.15

31.12.14

£

Aggregate capital and reserves

104,679

88,110

Profit for the year

20,901

5,925

4.

CREDITORS

Creditors include an amount of £ 470,193 (31.12.14 - £ 504,671 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.12.15

31.12.14

£

Repayable by instalments

384,342

408,384

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

501

Ordinary

£1

501